FedEx Corporation (NYSE
: FDX) announced today that its FedEx Express unit has signed an agreement to acquire its Indian service provider, Prakash Air Freight Pvt. Ltd. (PAFEX) for US$30 million, payable in cash. The transaction, which is subject to customary conditions including Indian government approval, will further extend the FedEx leadership position in the global express industry with a wholly-owned operation in one of the world’s fastest growing markets.
- FedEx was the first express company to introduce an all cargo flight in India in 1997.
- FedEx began the first overnight express service between India and China in 2005.
- FedEx was the first express air cargo company to operate two gateways in India (Mumbai and Delhi), with a total of 16 MD-11 flights in and out per week.
We might need a second Asia hub in years to come!
Source: Company mail.